I think it's both. It's "the subliminal mind-fuck: America", as in America can be a confusing, contradictory, mixed up mind-fuck. But I think it's also deliberately putting the phrase " fuck America" out there (as in "fuck the aspects of America I'm singing about in this song"). This is particularly noticeable when you watch them playing it live, Billie often shouts out the "fuck America" part extra loud and clear to make it separate.
The fact that it says "the subliminal mind" just before it makes it even better, since it's kind of like you're hearing the phrase fuck America subliminally with it hidden within "The subliminal mind-fuck: America". So yeah, I reckon it's a double meaning.